Moody’s rates Allied Irish Banks notes B3 (hyb)

Moody's Investors Service said it assigned a B3 (hyb) rating to the "high trigger" additional tier 1 (AT1) €500 million note issued by Allied Irish Banks, plc (Baa3 long-term deposits/Ba1 senior unsecured debt positive, ba3 BCA) on Nov. 26.

This perpetual non-cumulative AT1 security ranks junior to all liabilities of the bank and ranks senior to common shares. Coupons may be cancelled on a non-cumulative basis at the issuer's option and on a mandatory basis subject to the availability of distributable items and regulatory discretion.

The principal of the security will be written-down if Allied Irish Banks’ transitional Common Equity Tier 1 (CET1) ratio falls below 7% (at bank or group level). The principal amount can be written-up at the sole discretion of the bank.

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